- Tweet
- Link this
- Share this
- SEOUL, July 18 (Reuters) - Seoul shares are expected to tread water on Wednesday, after U.S. Federal Reserve Chairman Ben Bernanke offered a gloomy outlook for the economy but provided few clues as to whether the central bank was moving closer to...
Wed Jul 18, 2012 5:05am IST
SEOUL, July 18 (Reuters) - Seoul shares are expected totread water on Wednesday, after U.S. Federal Reserve ChairmanBen Bernanke offered a gloomy outlook for the economy butprovided few clues as to whether the central bank was movingcloser to another round of easing. Bernanke said policymakers would consider a range of toolsto further stimulate growth if it became clear the labor marketwas not improving or if deflation risks mounted. U.S. stocks rose overnight after Coca-Cola andGoldman Sachs joined the growing roster of S&P companiesto beat profit forecasts, although many analysts' forecasts hadalready been lowered. "Easing hopes are still alive and earnings have managed toclear a low bar, but it's going to take much more than that toget any momentum going in this market," said Kim Hak-gyun, ananalyst at Daewoo Securities. On Tuesday, the Korea Composite Stock Price Index (KOSPI) rose 0.2 percent to close at 1,821.96 points.------------------MARKET SNAPSHOT @21:56 GMT-------------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,363.67 0.74% 10.030 USD/JPY 79.07 0.04% 0.030 10-YR US TSY YLD 1.508 -- 0.037 SPOT GOLD $1,580.58 -0.15% -2.310 US CRUDE $89.18 -0.04% -0.040 DOW JONES 12805.54 0.62% 78.33 ASIA ADRS 114.89 0.21% 0.24 ---------------------------------------------------------------->Coke, Goldman earnings good enough for Wall St >Yields rise as Bernanke mum on new Fed action >Dollar volatile; Bernanke vague on further easing >Oil up on Bernanke leaving stimulus door open ---STOCKS TO WATCH---**CHIPMAKERS** Intel Corp, the world's largest chipmaker, postedsecond quarter earnings that were slightly below forecasts onTuesday as the computer industry wrestles with the flaggingglobal economy. Samsung Electronics, and SK Hynix are the world's two largest memory-chip makers. **SAMSUNG ELECTRONICS CO LTD ** Samsung Electronics Co has bought chipmaker CSRPlc's mobile phone connectivity and location technologyfor $310 million in a deal that strengthens the South Koreancompany's smartphone platform and patentportfolio. **WOONGJIN ENERGY CO LTD ** According to local media reports, Woongjin Energy Co Ltd has canceled a long-term supply contract with ARISETechnologies Corp due to the latter's insolvency. (Reporting by Joonhee Yu; Editing by Edwina Gibbs)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.
